Logo of Phnom Penh Post newspaper Phnom Penh Post - PPAP posts drop in 2020 revenue, but uptick in container volume

PPAP posts drop in 2020 revenue, but uptick in container volume

Content image - Phnom Penh Post
PPAP reported projected revenue of more than $28.9 million for 2020, marking a 4.6 per cent decreases over its actual revenue last year of $30.3 million. Heng Chivoan

PPAP posts drop in 2020 revenue, but uptick in container volume

The stock-listed Phnom Penh Autonomous Port (PPAP) posted a slight drop in revenue for the full year 2020 due to regional and global economic turmoil fuelled by the Covid-19 pandemic.

In a filing to the Cambodia Securities Exchange (CSX) late on December 9, the state-owned river port operator reported projected revenue of more than $28.863 million, marking a 4.6 per cent decrease over its actual revenue last year of $30.260 million.

It posted two per cent year-on-year growth in the volume of containers, but a 3.49 per cent year-on-year contraction in the number of cargo vessels handled at the port during the year.

It logged a 1.2 per cent fall in cargo and fuel oil throughput, a 68.26 per cent drop in passenger boats and a 69.86 per cent decrease in passengers.

It announced a projected net profit of $9.689 million, which represents a drop of more than eight per cent from its actual net profit last year of $10.547.

CSX vice-chairman Ha Jong-weon told The Post that PPAP’s full-year performance results were yet another example of the devastating impact from Covid-19, with most of its operations retreating significantly from last year’s levels.

But on the bright side, he said, the reported growth in the volume of containers demonstrates that some business and commercial activities are able to remain stable or move slightly into green territory amid a universal slump.

“We hope that the pandemic will end soon so businesses and companies will no longer suffer.

“On the other hand, I think that PPAP’s course of action in response to the spread of Covid-19 such as offering storage free of charge for companies that encounter delivery problems is a good supporting policy for local firms.

“[This] helps them to survive and enables them to continue their operations during this hard time,” Ha said.

There are currently 13 listed firms in the Kingdom – seven stock-listed and six corporate bond-listed. The 13 companies have raised a combined $253 million, while the stock index increased more than 57 per cent last year over 2018, CSX data show.

In the first nine months of this year, two companies listed stocks and three listed bonds. The five firms have raised a combined $92 million.

MOST VIEWED

  • Siem Reap drain canal now ‘mangrove’ promenade

    A more than half a kilometre long stretch of canal in Siem Reap has been covered and turned into a promenade to attract visitors, said Ly Rasmey, secretary of state at the Ministry of Land Management, Urban Planning and Construction, on September 16. The new pedestrianised

  • Angkor wildlife, aquarium park still to open October

    The Angkor Wildlife and Aquarium complex about 30km southeast of Siem Reap town with initial total investment of more than $70 million is reportedly still on track for an end-October opening. The park is located on a 100ha plot along National Road 6 in Kbon village, Khchas

  • Final verdicts for Khmer Rouge leaders ‘vital’ for next generation

    Nearly a decade after the commencement of Case 002/02 against Khieu Samphan back in 2014, the Extraordinary Chambers in the Courts of Cambodia (ECCC) is now set to deliver its final verdict for the former Khmer Rouge head of state. The Supreme Court Chamber of the ECCC,

  • Defence minister reaffirms Kingdom’s staunch support for One-China policy

    Minister of National Defence General Tea Banh has reaffirmed Cambodia’s unwavering support for the One-China policy. Tea Banh was speaking at the September 20 ceremonial handover of 117 vehicles and other military equipment donated by China’s defence ministry, held at Phnom Chumreay International Military Training

  • Deaths due to ‘lifestyle’ diseases rise in Kingdom

    The Ministry of Health has called on people to pay closer attention to their health to protect themselves from non-communicable diseases (NCDs) which it said have caused high rates of deaths in the country. Ministry secretary of state York Sambath made the call at a

  • Textile industry minimum wage now $200

    The official minimum wage for workers in textile-related sectors including garment, footwear, and travel goods for 2023 was pegged at $198, with Prime Minister Hun Sen stepping in to add $2 to the total, making it $200 per month. The Ministry of Labour and Vocational Training made the announcement